Crude oil prices sagged Wednesday after the Organization of the Petroleum Exporting Countries decided to boost its official production quotas to 30 million barrels a day, about where the group’s actual output has been running. On the New York Mercantile Exchange, the price of the benchmark West Texas Intermediate crude oil fell to $94.90 a barrel, down more than 5 percent. Read full article > >

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Oil prices drop as OPEC decides to raise quotas

The oil company posted net income of $6.98 billion, citing higher oil prices and new production projects.

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Shell Earnings Double in Third Quarter

It should be a recipe for a tense, important OPEC meeting: High oil prices, civil war in a key exporting nation, civil unrest across the region, a faltering economy in the giant U.S. market, and Saudi troops helping to suppress protests in Bahrain. Two different delegates — one representing the regime of Moammar Gaddafi and one representing the Benghazi-based rebel coalition — could show up and claim to represent Libya. The previous Libyan delegate, state oil company head Shukri Ghanem, defected last month. Read full article > >

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OPEC meeting: Maybe some sparks but little change expected

The Fed chief cautioned in testimony before the Senate Banking Committee that a sustained rise in oil prices could be a threat to growth.

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Bernanke Cautious on Economic Growth as Oil Prices Rise

Rising oil prices push petrol prices to a new record above 130p per litre and lead Thomas Cook to introduce its first fuel surcharge.

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Petrol hits record 130p per litre

Oil companies have benefited not only from strengthening oil prices but also from improved margins in their refinery businesses.

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Exxon’s Profit Rises in Quarter, Helped by Higher Oil Prices